If an economy operates at a point within its production possibilities curve,

In Zimbabwe and Botswana, elephants can be owned by local tribes and trade in ivory is legal, while in countries such as Kenya, it is illegal to trade in ivory and elephants cannot be privately owned but are protected by the government. Which of the following is true regarding the change in the elephant populations since 1979 in these countries?

a. In Zimbabwe and Botswana, elephant populations have more than doubled, while in Kenya, the population of elephants has fallen to less than one-third of its previous level.

If consumer tastes are changing more in favor of the consumption of a particular good the

Which of the following would decrease the supply of sugar?

In which statement(s) are "supply" and "quantity supplied" used correctly?
(I) "An increase in the price of computers will increase the quantity supplied of computers."
(II) "A technological advance that lowers the cost of producing computers will increase the supply of computers."

Which one of the following events will leave GDP unchanged?

Which of the following events will leave GDP unchanged?

Over time, people have come to rely more on market-produced goods and less on goods that they produce for themselves. For example, busy people with high incomes, rather than cleaning their own houses, hire people to clean their houses. By itself, this change has

If an economy operates at a point within its production possibilities curve,

In order to prosper, entrepreneurs must

In Zimbabwe and Botswana, elephants can be owned by local tribes and trade in ivory is legal, while in countries such as Kenya, it is illegal to trade in ivory and elephants cannot be privately owned but are protected by the government. Which of the following is true regarding the change in the elephant populations since 1979 in these countries?

b. In Zimbabwe and Botswana, elephant populations have more than doubled, while in Kenya, the population of elephants has fallen to less than one-third of its previous level.

Which of the following would decrease the supply of sugar?

The term market always refers to

After a hurricane in Florida knocked out the regional water supply for several days, the demand for bottled water increased sharply. In a market economy, how will this increase in demand affect the equilibrium price and quantity of bottled water?

If U.S. net exports are negative,

If the underground economy is sizable, then GDP will

Over time, people have come to rely more on market-produced goods and less on goods that they produce for themselves. For example, busy people with high incomes, rather than cleaning their own houses, hire people to clean their houses. By itself, this change has

With time, which one of the following strategies would most likely result in an outward shift in the production possibilities curve of an economy?

In Zimbabwe and Botswana, elephants can be owned by local tribes and trade in ivory is legal, while in countries such as Kenya, it is illegal to trade in ivory and elephants cannot be privately owned but are protected by the government. Which of the following is true regarding the change in the elephant populations since 1979 in these countries?

b. In Zimbabwe and Botswana, elephant populations have more than doubled, while in Kenya, the population of elephants has fallen to less than one-third of its previous level.

Though many assets can be used as a store of value, money is a particularly attractive method to store value because

Equilibrium in the loanable funds market is initially present at a stable price level (zero inflation) and a nominal (and real) interest rate of 4 percent. If a shift to expansionary monetary policy eventually leads to actual and expected inflation of 6 percent,

c. the nominal interest rate will rise to 10 percent, but the real interest rate will remain at 4 percent.

According to Adam Smith, individual self-interest

Recent legislation provides parents with a substantial reduction in their personal income tax liability for each child that they have. The economic way of thinking indicates that legislation of this type will

Which of the following is true regarding private ownership?

"Henry Ford made millions of dollars producing and marketing automobiles. Many workers and consumers must have suffered in order for Ford to amass such enormous wealth." The person who made this observation

a. has failed to understand that specialization and exchange generally result in mutual economic gain.

U.S. imports are

If the underground economy is sizable, then GDP will

Over time, people have come to rely more on market-produced goods and less on goods that they produce for themselves. For example, busy people with high incomes, rather than cleaning their own houses, hire people to clean their houses. By itself, this change has